Indian Economy Contracted by 23.9% for Q1 for FY 2020-21

Published on September 02, 2020
Current Context: The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released data displaying that Indian Economy is contracted by 23.9% for Q1 for FY 2020-21.
Indian Economy Contracted by 23.9% for Q1 for FY 2020-21
  • They have released these estimates at both constant (2011-12) and current prices.
  • GDP at constant prices for the first quarter of 2020-21 is estimated at Rs 26.90 lakh crore, as against Rs 35.35 lakh crore for the first quarter of 2019-20. This shows the contraction of 23.9% compared to 5.2% growth in the first quarter of 2019-20.
  • GDP at current prices for the first quarter of 2020-21 is estimated at Rs 38.08 lakh crore. This value was Rs 49.18 lakh crore for the first quarter of 20219-20. Hence, there is a contraction of 22.6% compared to 8.1% growth in Q1 in 2019-20. 
  • Other estimates are: GVA (Gross Value Added) for India declined to 22.8%, manufacturing by 39.3% and mining by 23.3%. GFCF (Gross Fixed Value Formation) contracted to 52.9%, electricity to 7%. Agriculture and relayed activities marked a growth of 3.4% during this quarter.

Question: 

Q.1 The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation has released data displaying that Indian Economy is contracted by _____% for Q1 for FY 2020-21.
a. 13.9%
b. 23.9%
c. 28.9%
d. 33.9%

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